Veritas to acquire CAES Space Systems

The seller was CAES.

  • Mike Elias, senior vice president and division general manager, will continue to lead CAES Space Systems
  • The transaction is expected to close in the first quarter of 2023
  • Goldman Sachs and Lazard Frères & Co. LLC are acting as financial advisors to CAES

Veritas has agreed to acquire Colorado Springs-based CAES Space Systems, a provider of electronic solutions for space, defense, healthcare and industrial applications. The seller was CAES. No financial terms were disclosed.

Mike Elias, senior vice president and division general manager, will continue to lead CAES Space Systems, along with the rest of the leadership team.

“CAES Space Systems is uniquely differentiated by the breadth of its technical capabilities and segment expertise, as well as its long history of delivering critical solutions to customers,” said Ramzi Musallam, CEO and managing partner of Veritas, said in a statement. “Operating in space and defense markets supporting national security, CAES Space Systems is well-positioned to thrive as a standalone business under Veritas ownership. We will deploy our significant government technology experience working with Mike Elias and rest of the CAES Space Systems team to accelerate growth and value proposition to customers.”

The transaction is expected to close in the first quarter of 2023.

Goldman Sachs and Lazard Frères & Co. LLC are acting as financial advisors to CAES. Gibson, Dunn & Crutcher LLP is acting as legal advisor to Veritas in connection with the transaction.

Veritas is a longstanding technology investor with over $45 billion of assets under management.